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Treasury

JPMorgan chooses Taiwan and Indonesia to try out new cross-border blockchain tool

JPMorgan’s blockchain units have launched a new validation solution called Confirm. It is another small step towards mainstream use of the technology in payments.

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Slowly but surely, blockchain is starting to deliver on its hype and work its way into the financial mainstream. On Monday, JPMorgan announced that it is using a blockchain-based account validation application on cross-border payments, using a corridor between Taiwan and Indonesia as a proving ground ahead of a wider rollout.

JPMorgan launched its Liink business – then called Interbank Information Network – in 2017, creating what is now a grouping of more than 400 participants developing peer-to-peer blockchain applications within its Onyx business unit, which houses the bank’s blockchain and digital currency efforts.

The holy grail in cross-border payments is the ability to validate account ownership and status before making the payments
Christine Moy, JPMorgan
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One of the applications that has come out of this business is called Confirm, a global account information validation tool that allows participants to seek confirmation of account information and receive responses in near-real time with other participants on the same network. Once validated, a cross-border payment can be sent through another JPMorgan product, the PayDirect clearing solution, which selects the most efficient way to route a payment.

JPMorgan

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